Gloria Posted March 11, 2017 Report Share Posted March 11, 2017 The EUR/JPY fell down completely and I guess the down trend will continue, so I feel like joining the bears next week. Link to comment Share on other sites More sharing options...
analyst75 Posted March 12, 2017 Author Report Share Posted March 12, 2017 Weekly Trading Forecasts for Major Pairs (March 13 - 17, 2017) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish This pair trended downwards from Monday to Thursday and then rallied significantly. This has resulted in a bullish bias on the market, as price nearly reached the resistance line at 1.0700. This week, further rally is anticipated because the outlook on Greenback is bearish for the week: a factor that may be favorable to EURUSD. The first target for the week is the resistance line at 1.0700, and then followed by the resistance lines at 1.0750 and 1.0800. USDCHF Dominant bias: Bullish There is still a weak bullish outlook on this pair, though it is currently showing some weakness. As long as EURUSD goes upwards, USDCHF would find it very difficult to go upwards. Price was corrected lower on Friday, and since USD is expected to be weak this week, the support levels at 1.0050 and 1.0000 could be tested. Attempts to breach the resistance level at 1.0150 has already failed and that resistance level would serve as a strong barrier to any bullish effort this week. GBPUSD Dominant bias: Bearish GBPUSD went south by 140 pips last week. Price has trended downwards by 310 pips since February 27, 2017, resulting in a clear Bearish Confirmation Pattern in the market. There is now a bearish siege at the accumulation territory of 1.2150, which has been battered without any success. While GBP could fall further versus other currencies like CHF, AUD and NZD, it may not fall further versus USD, since USD may experience some weakness this week, coupled with strong obstacles at the accumulation territories of 1.1250 and 1.1200. There is a logical expectation of some rally in GBPUSD. USDJPY Dominant bias: Bullish The market managed to go upwards last week after moving sideways in the first few trading days of the week. The bias is bullish, though not a strong one. Price closed below the supply level at 115.00 on March 10, and it might make effort to go upwards from there. This week, the outlook on JPY pairs is bullish, but the expected weakness in USD might scuttle bullish effort in the market. There are supply levels at 116.00, 115.50 and 115.00. There are also demand levels at 114.50, 114.00 and 113.50. EURJPY Dominant bias: Bullish Just like USDJPY, this cross pair moved sideways in the first few days of the last trading week, and then broke upwards in agreement with the recent bullish outlook on the market. From the weekly low of 120.01, price went north by 280 pips, and closed at 122.51 on Friday. There is a Bullish Confirmation Pattern in the market, and since the outlook on JPY pairs is bullish for this week, further movement is expected on EURJPY (a movement of at least, 200 pips). EUR is currently strong in its own right and this is a factor that could help the cross pair upwards. This forecast is concluded with the quote below: “Trading is a business.” – Joe Ross Source: www.tallinex.com Link to comment Share on other sites More sharing options...
analyst75 Posted March 19, 2017 Author Report Share Posted March 19, 2017 Weekly Trading Forecasts for Major Pairs (March 20 - 24, 2017) Here’s the market outlook for the week: EURUSD Dominant bias: Bullish This pair trended downwards on March 13 and 14, testing the support line at 1.0600. From the support line, price rose by 180 pips, going briefly above the resistance line at 1.0750 and then closing below it on Friday. The bullish signal is still in place, and further rise in price may be witnessed this week, which would enable price to go above the resistance line at 1.0750 again. However, it is also possible that EURUSD would trend downwards before the end of this week. USDCHF Dominant bias: Bearish As it was forecast last week, the weakness in greenback has caused USD/CHF to fall (as well as the bullishness of EURUSD). Price consolidated from Monday to Wednesday, and later plummeted on that day, to form a strong Bearish Confirmation Pattern in the market. The support level at 0.9950 has already been tested. As long as EURUSD is going up, USDCHF would be going down. On the other hand, whenever EURUSD showcases conspicuous weakness, USDCHF would rally seriously (something that may happen this week or next). GBPUSD Dominant bias: Bullish The main reason why Cable was able to rally last week was because USD became week. Before that, bears had met some impediment at the accumulation territory of 1.2150; a territory from which price rose 250 pips to test the distribution territory at 1.2400. There is already a bullish outlook on the market – which would continue to hold out as long as USD is weak enough to allow further rally. Any show of strength in USD would send Cable tumbling. USDJPY Dominant bias: Bearish In the last weekly forecast, it was mentioned that any show of weakness in USD would render bullish effort invalid in this market. That was exactly what happened: From the beginning of the week till March 15, price was consolidating. However, price began to trend downwards as USD became weak. There was an overall bearish movement of almost 250 pips last week, between the supply level at 115.00 and the demand level at 112.50. This week, further downwards movement is possible, but not without a possibility of a rally this week or next. EURJPY Dominant bias: Neutral Last week, this cross moved slightly southward by some 150 pips. This contrasted with the recent bullish bias, thus creating a short-term neutral bias on the cross. On Friday, the cross closed around the demand zone at 121.00. Further southward effort may bring price towards another demand zones at 120.50 and 120.00. But it should be noted that the outlook on JPY pairs is bullish, and they would rally before the end of March 2017, especially when JPY itself becomes weak. This forecast is concluded with the quote below: “Isn't it time you took control of your own trading? Somewhere inside you there is a brilliant trader wanting to come out.” – Louise Bedford Source: www.tallinex.com Link to comment Share on other sites More sharing options...
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